From sole proprietorships to accounting firms, Saline, MI employers and employees are the lifeblood of the local economy, which is why it is crucial to make sure that they are protected. There are 540 work-related accidents per hour across the country, which is an accident every seven seconds. If a disaster strikes, business insurance will help shield these companies.
A local independent insurance agent can help you create a commercial insurance plan that will provide coverage against all potential risks. Contact an agent today to start comparing Saline commercial insurance quotes.
Why Do Businesses in Saline, Michigan, Need Liability Insurance?
Your business insurance policy will include general liability insurance. Commercial general liability (CGL) will help cover the most common liabilities faced by your business. You are covered for things such as:
- Product liability: You are covered if the distributed product causes harm to people or property, even when it doesn’t happen inside the store.
- Advertising injuries: If someone sues over slander, libel, or copyright infringement, the CGL will help pay for legal expenses.
- Third-party bodily injury: If a customer is hurt in an accident involving your business, CGL will help pay for medical expenses.
- Third-party property damage: CGL will cover expenses to repair or replace customer property that is damaged by a business.
Owning a business has always been inherently risky. Last year, liability lawsuits resulted in an average of $1.5 million per case. That is why liability insurance is an important piece in your commercial insurance coverage. This will help cover the cost of legal defense fees and financial damages. You may want additional liability coverage to ensure that your business is protected against other liability risks such as:
- Commercial vehicle liability insurance: This provides protection for cars, trucks and vans that are used for business operations.
- Environment practices liability insurance: If your business could potentially lead to an accident resulting in pollution of land, air, or water, this will cover the cleanup costs.
- Employment practices liability insurance: This will cover your business against lawsuits related to accusations of illegal employment practices.
- Cyber liability insurance: This will protect your business against cybercriminals who may break into your company’s computer system and steal sensitive customer data or install skimmers on your credit card readers.
How Does Property Insurance Protect Saline, MI, businesses?
Your Saline commercial property insurance will protect your business’s assets from unforeseen disasters such as theft, vandalism, fire, and burst pipes. This policy is an essential part of every business insurance coverage.
There are additional policy options that you can choose from to make sure that you are covered such as:
- Builders risk insurance: This covers losses, such as from a windstorm, while your building is under construction.
- Crime insurance: This protects you against theft, robbery, and burglary of cash, stock, securities, and fixtures, whether from employees or third parties.
- Inland marine insurance: This will cover customers' property on your premises or in-transit property that gets damaged or lost.
Is Business Interruption Insurance Necessary in Saline, MI?
Unfortunately, a natural disaster like a tornado or a flood could shut down your business for weeks while you wait for repairs to finish. That's a lot of money you could potentially lose. With business interruption insurance, your disaster-related loss of income will be covered.
The optional insurance coverage allows your business to have the income source to continue to pay monthly bills, employee salaries, and other expenses until you are able to resume business as usual.
Do Businesses in Saline, MI, Need Workers' Compensation Insurance?
If you are a private employer in Saline who has three or more employees at one time, or who employs one or more workers for 35 or more hours per week, then you are subject to Michigan’s workers’ compensation law. This includes:
- Agricultural employers who must provide workers’ comp coverage if they have three or more employees
- Domestic employees who work more than 35 hours per week
The exception to the law includes farm workers, independent contractors, and partners who are shareholders of small corporations.
If an employee is injured or endures an occupational illness, workers’ compensation insurance will cover the cost of medical treatments, prescriptions, lost wages, and other related expenses.
Saline workers’ comp rates are based on how many employees you have, your total payroll, the types of jobs performed at your business, and your history of accidents and workers' compensation claims. If you have a good safety record, you may be rewarded with lower premiums than others in your industry.
What about Employee Benefits for Businesses in Saline, MI?
You may want to provide your workers with an employee benefits package that consist of subsidized health insurance and life insurance options as a business owner in Saline. That package may include:
- Medical: This includes group health and medical plans and may operate as self-funded employee health insurance, fully insured, or level funding.
- Retirement/401(k): This will cover retiree medical plans and broker-assisted 401(k) plans.
- Disability: These plans are from short-term to long-term to statutory, as well as paid family leave.
- Life insurance: This is group-term life insurance that is employer-paid, employee-paid, or contributory.
By offering your employees a benefits package, you can find huge financial savings for your company and improved efficiency. Studies have shown that when businesses offer a benefits package, it endears employees, and reduces the turnover rate while improving employees' job performance.
Why Work with an Independent Insurance Agent in Saline, MI?
Business insurance can be tricky, so let an independent insurance agent help guide you to make sure that you get the best business insurance coverage. A local independent agent can help you navigate through your options as you build your business insurance policy package. Contact an insurance agent in Saline, MI, to get started.
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